Aozora Bank records profitable quarter

by Richard Kilner

Story link: Aozora Bank records profitable quarter

Aozora Bank has published its financial results for the first six months of its fiscal year.

The Japanese commercial bank recorded consolidated net income of 6.5bn yen, far exceeding the interim forecast for this period.

Consolidated net revenue for the two quarters soared from 5.6bn yen in 2008 to 42.1bn yen in 2009.

Expenses for general and administrative purposes declined by over 10% year-on-year to stand at 22.3bn yen.

Credit-related expenses tumbled even further, falling from 31bn yen to 10.6bn yen, a decrease of almost 75%.

Taking a cautious approach, Aozora Bank has not revised its full-year forecasts despite exceeding predictions in both the first six months and the first quarter of its fiscal year.

President and CEO Brian F. Prince has described the firm’s encouragement at achieving a second successive profitable quarter despite the challenging nature of the operating environment.